Bank of Mozambique keeps main interest rates unchanged

15 April 2013

The Bank of Mozambique said in a statement issued Friday in Maputo that it had kept interest rates on its permanent liquidity and deposit facilities unchanged at 9.5 percent and 2.25 percent, respectively.

The bank’s monetary policy commission also decided to intervene in interbank markets in order to ensure that cash in circulation does not exceed 39.005 billion meticals (around US$1.287 billion) at the end of April of this year.

In the statement the bank said that Gross Domestic Product (GDP) in the final quarter of 2012 had posted growth of 8.3 percent, having fallen back by 1.4 percentage points against the previous quarter and 1.0 basis points against the year-ago period.

Noting that economic growth in the fourth quarter had been bolstered by the tertiary sector, which posted growth of 9.7 percent, the Bank of Mozambique said that transport and communications and retail and services had been the main drivers of that expansion, with growth of 12.7 percent and 8.0 percent, respectively. (macauhub)